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Project: business Maths. Justine Jaramillo 10C. Your wage is $70,000 per annum from which you pay tax; calculate the tax to nearest dollar. [(70000-35000) × 0.3] [35000 × 0.3] + 4350 10500 + 4350 14850 Your tax will be $14,850.

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project business maths

Project: business Maths

Justine Jaramillo 10C

your wage is 70 000 per annum from which you pay tax calculate the tax to nearest dollar
Your wage is $70,000 per annum from which you pay tax; calculate the tax to nearest dollar.
  • [(70000-35000) × 0.3]
  • [35000 × 0.3] + 4350
  • 10500 + 4350
  • 14850

Your tax will be $14,850

after subtracting the tax from your wage calculate you monthly take home wage
After subtracting the tax from your wage, calculate you monthly take home wage
  • (70000 – 14850) ÷ 12
  • 55150 ÷ 12
  • 4595.8333333333

Your monthly take home wage will be $4,595.83

slide4
You purchase a motor bike for $5,000 and sold it for $4,000. Did you make a profit or loss. How much in percentage did you gain/loss

You made a loss because the bike was sold cheaper than you originally bought

  • [(5000 – 4000) ÷ 5000] × 100
  • [1000 ÷ 5000] × 100
  • 0.2 × 100
  • 20

The percentage that you loss is 20%

assume that 8 of your annual income is 4 000 what is your actual income
Assume that 8% of your annual income is $4,000, what is your actual income
  • (4000 ÷ 8) × 100
  • 500 × 100
  • 50000

Your annual income in $50,000

mortgage
Mortgage

The price of this house, with land, is around $340,000. You were to buy this and put this on loan over 25 years and make monthly payments. Assuming that the current interest rate is 5% per annum compounding monthly, how much monthly repayment you have to pay on this loan

mortgage working out
Mortgage (working out)
  • 340000 [1 + (5 ÷ 12)/100]^(25 × 12)
  • 340000 × 1.0041667^300
  • 340000 × 3.481325121
  • 1183650.541
  • (1183650.541 ÷ 25) ÷ 12
  • 47346.02164 ÷ 12
  • 3945.501803

The monthly repayment you have in this loan is $3,945.50

car loan
Car Loan

You purchased a car without a deposit. For convenience, you make repayments for 3 years at 8% rate of interest per annum at simple interest. What would be the monthly repayment if the car is $250,000?

car loan working out
Car Loan (working out)
  • 250000 × 3 × 0.08
  • 60000
  • [(250000 + 60000) ÷ 3] ÷ 12
  • [310000 ÷ 3] ÷ 12
  • 103333.33 ÷ 12
  • 8611.11

Your monthly repayment will be $8,611.11

investment
Investment

You planned to invest $8500 in a term deposit. You had two investment plans from which to choose:

Plan I Simple interest at 5% per annum

Plan II Compound interest at 5% per annum compounding every six months

calculate the total interest earned if you invested you money using plan i for a year
Calculate the total interest earned if you invested you money using Plan I for a year
  • 8500 × 0.05 × 1
  • 425

The total interest earned if you invested in this plan is $425

slide12
Calculate , to the nearest cent, the total interest earned if you invested you money using Plan II for a year
  • 8500 [1 + (5 ÷ 2)/100]^1
  • 8500 × 1.025^1
  • 8500 × 1.025
  • 8712.5
  • 8712.5 – 8500
  • 212.5

The total interest you would get if you use this plan is $212.5

slide13
Calculate the simple interest rate that would provide the same total as earned under Plan II for an 8500 investment of $8,500
  • (8500 × 2.5 × 1) ÷ 100
  • 21250 ÷100
  • 212.5

Using the trial and error method, the interest rate can be found. The interest rate is 2.5%.